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Avanza Bank Holding |
  SEK |  %   SEK
Avanza Bank Holding |
  SEK |  %   SEK

Avanza Bank Holding AB (publ): Interim Report January-March 2020

First quarter 2020 compared to first quarter 2019

  • Customer growth was 86,100 (33,600), an increase of 156 per cent
  • Net inflow in the quarter was SEK 21,900 million (7,570), an increase of 189 per cent
  • Operating income increased by 102 per cent. All revenue lines improved. Net brokerage income increased by 138 per cent. Currency-related income and revenues from Avanza Markets, within other income, increased by 130 per cent and 55 per cent respectively. Revenues from Corporate Finance also increased
  • Operating expenses increased by 9 per cent, mainly due to more staff and consequently higher personnel costs. Other expenses also increased mainly due to higher IT and premises costs
  • The cost increase for the full year is estimated as 12 per cent, which was communicated in March. It is an increase from the earlier estimate of around 10 per cent, but within the long-term guidance of an annual cost increase of 9-12 per cent. The cost increase is made to meet the strong growth and to maintain high customer satisfaction and high stability of the website
  • Net profit amounted to SEK 305 million, an increase of 250 per cent
  • The AGM in March resolved to reelect the Chairman of the Board and the board members, with the exception of Jacqueline Winberg who declined re-election. Magnus Dybeck, Catharina Eklöf and Johan Roos were newly elected as board members. As proposed, a dividend of SEK 2.30 per share was authorised, corresponding to 79 per cent of net profit for the year
  • Birgitta Hagenfeldt, CFO and Deputy CEO of Avanza, will leave Avanza in the summer of 2021
  • The target of 1 million customers was reached already in January
  • Avanza broadened its range of cheap index funds further with Avanza Europe
  • The fund pages on the website were improved with focus on sustainability and customers can now also exclude industries
  • Large focus on increased customer communication through blog posts and podcasts during the uncertainty following covid-19

Quote from Rikard Josefson, CEO Avanza
“Activity among our customers has been record high and we see that confidence in the stock market in the long term is there. Net inflow and customer growth have also broken records. The big question is what happens after covid-19, when the worst of the crisis is over. Avanza has for several years built a strong customer base at the same time that more people are realising the importance of savings and having a financial buffer. Even if activity declines going forward, we should have raised our lowest level.”

Operating income, SEK m54232965268102
Operating expenses, SEK m-179-187-4-1649
Operating profit, SEK m361140158100261
Net profit, SEK m30512115287250
Earnings per share before dilution, SEK1.980.791520.57245
Operating margin, %6743243729

Net inflow, SEK m21,9006,8202217,570189
No. of new customers (net)86,10037,30013133,600156
Savings capital at the end of the period, SEK m368,200407,700-10335,70010

A webcast presentation will be held by Rikard Josefson, CEO, and Birgitta Hagenfeldt, CFO, on 21 April 2020 at 10.00 (CEST). The presentation will be held in English and there will be opportunities to ask questions. The presentation can be followed at Phone number for participants:

  • Sweden: +46 (0)8 566 426 51
  • UK: +44 33 330 008 04
  • US: +1 63 191 314 22
  • Confirmation code: 38713286#

This Interim Report is published in Swedish and English. In the event of any difference between the English version and the Swedish original, the Swedish version shall prevail.

For further information please contact:
Rikard Josefson, CEO
+46 70 206 69 55

Birgitta Hagenfeldt, CFO and Deputy CEO
+46 73 661 80 04

Sofia Svavar, Head of Investor Relations
+46 8 409 420 17

Avanza is a digital platform for savings and investments, founded in 1999. The Parent Company, Avanza Bank Holding AB (publ), is listed on the Stockholm Stock Exchange. Avanza’s customer promise is a better return on savings than with any other bank or pension provider in Sweden. Services include saving in shares, funds, savings accounts, mortgages and a strong pension offer. Avanza has more than 1 million customers with over SEK 350 billion in total savings capital. This is equivalent to 4.5 per cent of the Swedish savings market. Avanza is leader in terms of number of transactions among Swedish banks on the Stockholm Stock Exchange. For the last ten years, Avanza has won SKI’s (Swedish Quality Index) award for “Year’s Most Satisfied Savings Customers”. For more information, visit: